Village Green Buys Streeterville Apartments, Plans Improvements
- Mar 06, 2014
Chicago—Village Green has acquired 860 N. DeWitt in Chicago, a 21-story, 147-apartment property in the Streeterville neighborhood just east of Michigan Ave. and north of the Loop. The buyer says it will reposition and rebrand the property to Village Green’s City apartment brand, with a renaming in the next few months.
The company says it will improve 860 N. DeWitt, originally built in the 1960s, to meet Class-G green standards, which is a system of self-certification based on a yes/no checklist of 100-plus sustainability factors. Improvements in the property will begin immediately and take about a year to complete, according to the Village Green.
After modifications, the property will include a new hotel-style lobby, fitness center, business/conference center, and clubroom. It will also include a 22nd floor outdoor Sky Park, featuring a green wall, fire pit, LED movie wall, outdoor kitchen and dining, a sunning lawn, and a water feature.
The PrivateBank provided acquisition and redevelopment financing for the project. Detroit-based Village Green currently has $400 million in apartments under development, construction or acquisition in the Midwest and East Coast, including ten properties in downtown Chicago. The company also plans to expand into the Toronto multifamily housing market before the end of the year.
Rising employment in Chicago, particularly after the city’s designation as one of Google’s seven national tech hubs, will spur demand for apartments in downtown Chicago, according to investment specialist Marcus & Millichap. For its part, Google is expanding its workforce in the River North district – which isn’t far from Streeterville – and will open a new office in the West Loop in 2016. Its expansion will also spur the growth of other tech firms in the city.